Steven Cohen Opens Position in E-House (China) Holdings Limited (ADR) (EJ)
Steven Cohen and his hedge fund SAC Capital Advisors have initiates their exposure to E-House (China) Holdings Limited (ADR) (NYSE:EJ). In a new filing with the SEC, SAC Capital disclosed a holding that amasses over 7.55 million shares, equal to 5.6% of stock. The value of the securities amounts to $111.59 million, at the current share price of the company.
E-House (China) Holdings Limited (ADR) (NYSE:EJ), a leading real estate services company in China, announced, earlier in December, about its intention to offer up to $180 million in aggregate principal amount of convertible senior notes due 2018. The notes are convertible into E-House’s American Depositary Shares, each note representing one ordinary share of E-House. The notes have been priced at $0.001 per share, which represent an initial conversion price of about $16.80 per one ADS.
Orbis Investment Management, run by William B. Gray, owns 10.83 million shares of the E-House (China) Holdings Limited (ADR) (NYSE:EJ), which are valued at $99.27 million. Another hedge fund, Platinum Asset Management, led by Kerr Neilson, has a stake of 5.99 million shares, worth $54.92 million; the fund has upped its stake in the company’s stock by 18% in the third quarter of 2013. Chuck Royce’s Royce & Associates also has a stake in the company, holding 2.17 million shares for a total value of $19.89 million.
Steven Cohen’s SAC Capital Advisors is a diversified hedge fund, it uses both fundamental and quantitative analysis-based approaches.
Recently, SAC Capital has boosted its position in Crocs, Inc. (NASDAQ:CROX), to 4.45 million shares from some 1.73 million held at the end of September. Earlier, in mid-December, the fund raised its exposure to Trulia Inc (NYSE:TRLA) to over 1.94 million shares from 66,300 shares.